S&P 500, Dow end lower with energy, financials; Tesla falls

13 August, 2018, 02:17 | Author: Mary Valdez
  • Dow down 200 emerging markets crashing on US-Turkey geopolitical concerns

The index is just 1 percent shy of a record it hit on January 26 as an estimated 24 percent jump in earnings from S&P companies testified to the strength of the world's biggest economy and corporate sector.

The Russell 2000 is up 17.52 points, or 1 per cent.

"We seem to be able to put trade worries on the back burner and focus on second-quarter results, which have been significantly positive", said Art Hogan, chief market strategist at B. Riley FBR in NY.

Shares of Apple rose 0.8 percent, while those of Amazon (AMZN.O) were up 0.6 percent. You worry about the effects on Europe.

Chip stocks fell after Morgan Stanley downgraded the US semiconductor industry.

At 12:41 p.m. ET, the Dow Jones Industrial Average was down 175.04 points, or 0.69 percent, at 25,334.19, the S&P 500 was down 14.98 points, or 0.52 percent, at 2,838.60 and the Nasdaq Composite was down 27.87 points, or 0.35 percent, at 7,863.91.

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Bookings Holdings fell 5.9 percent and weighed the most on the S&P and the Nasdaq after it forecast third-quarter profit below expectations.

Markets have largely shrugged off trade issues as indicated by the S&P 500's (SPX) recent rise. Shares of Apple rose 0.8 per cent, while those of Amazon were up 0.6 per cent.

Citigroup, the most global of the major US banks, fell 2.4 per cent. JPMorgan, Wells Fargo and Bank of America were also lower.

Tesla had closed up 11 percent on Tuesday after Chief Executive Elon Musk said he was considering taking the company private. The S&P 500 posted 26 new 52-week highs and three new lows; the Nasdaq Composite recorded 97 new highs and 68 new lows.

Declining issues outnumbered advancing ones on the NYSE by a 1.04-to-1 ratio; on Nasdaq, a 1.10-to-1 ratio favoured advancers.

"We have been in a tug of war between broadly positive economic conditions and the uncertainty of trade risk", said Bill Northey, senior vice president at U.S. Bank Wealth Management in Helena, Montana. That compares with the 6.4 billion-share daily average for the past 20 trading days, according to Thomson Reuters data.

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